North American Shale Boom Driving Demand Growth

7:14 AM MST | February 10, 2012 | â€“Robert Westervelt

The market for oilfield chemicals is set to grow at an annualized rate of 3.5% over the next five years driven by rapid expansion of shale oil and gas production in North America, according to an IHS Chemical market study. Sales in the oilfield chemicals market reached nearly $16 billion in 2010, with the U.S. and Canada accounting for more than $8 billion, or 53%, of the market, according to IHS Chemical. The market is expected to increase to $19 billion by 2015, the study says. â€œDue to favorable oil and gas prices and advances in technology, there has been a...